(News Bulletin 247) – The group announces a 10% drop in first quarter revenues to 606.2 million euros (Q1 2022: 675.3 million euros). ‘In the first quarter, revenues were negatively impacted by a foreign exchange effect of 4 million euros’ indicates the management.
In the Financial Advisory business, quarterly revenues were down 21% to €326.8 million1 (Q1 2022: €413.5 million), reflecting lower activity levels during this quarter .
For Private banking and asset management, assets under management increased by 6% (5.6 billion euros) to 99.7 billion euros as of March 31, 2023 (December 31, 2022: 94.2 billion euros), thanks to net inflows of 1.5 billion euros and a positive market effect of 4.0 billion euros.
‘We expect our three businesses to continue to perform well in 2023, although below 2022 levels. The clear long-term strategies of each business give us confidence for the future, knowing that 2023 will be a more difficult year given the macroeconomic and geopolitical environment ‘ indicates the management.
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